Upstart Holdings, Inc. Financials
This page shows Upstart Holdings, Inc. (UPST) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Upstart Holdings, Inc. has an operating margin of 50.0%, meaning the company retains $50 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from -27.2% the prior year.
Upstart Holdings, Inc.'s revenue declined 99.9% year-over-year, from $636.5M to $514K. This contraction results in a growth score of 0/100.
Upstart Holdings, Inc. carries a low D/E ratio of 0.47, meaning only $0.47 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.
Upstart Holdings, Inc. converts 21.5% of revenue into free cash flow ($110K). This strong cash generation earns a score of 100/100.
Upstart Holdings, Inc. earns a strong 37.9% return on equity (ROE), meaning it generates $38 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100.
Upstart Holdings, Inc. passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Upstart Holdings, Inc. generates $0.47 in operating cash flow ($112K OCF vs $240K net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Upstart Holdings, Inc. earns $57005.6 in operating income for every $1 of interest expense ($257K vs $5). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Upstart Holdings, Inc. generated $514K in revenue in fiscal year 2025. This represents a decrease of 99.9% from the prior year.
Upstart Holdings, Inc.'s EBITDA was $281K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 100.2% from the prior year.
Upstart Holdings, Inc. generated $110K in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 99.9% from the prior year.
Upstart Holdings, Inc. reported $240K in net income in fiscal year 2025. This represents an increase of 100.2% from the prior year.
Upstart Holdings, Inc. earned $2.87 per diluted share (EPS) in fiscal year 2025. This represents an increase of 299.3% from the prior year.
Upstart Holdings, Inc. held $788K in cash against $297K in long-term debt as of fiscal year 2025.
Upstart Holdings, Inc. had 98M shares outstanding in fiscal year 2025. This represents an increase of 4.6% from the prior year.
Upstart Holdings, Inc.'s operating margin was 50.0% in fiscal year 2025, reflecting core business profitability. This is up 77.1 percentage points from the prior year.
Upstart Holdings, Inc.'s net profit margin was 46.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 67.0 percentage points from the prior year.
Upstart Holdings, Inc.'s ROE was 37.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Upstart Holdings, Inc. invested $280K in research and development in fiscal year 2025. This represents a decrease of 99.9% from the prior year.
Upstart Holdings, Inc. invested $2K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 99.8% from the prior year.
UPST Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $296.1M+6.9% | $277.1M+7.7% | $257.3M+20.6% | $213.4M-2.6% | $219.0M+35.0% | $162.1M+27.0% | $127.6M-0.1% | $127.8M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $66.9M+4.5% | $64.0M-7.0% | $68.8M+19.0% | $57.8M-14.0% | $67.2M+3.6% | $64.9M+11.0% | $58.5M-7.4% | $63.1M |
| SG&A Expenses | $67.8M+11.6% | $60.8M-5.9% | $64.6M+6.6% | $60.6M+0.2% | $60.4M+0.9% | $59.9M+12.9% | $53.0M-8.0% | $57.6M |
| Operating Income | $18.9M-20.1% | $23.7M+421.0% | $4.5M+201.0% | -$4.5M+5.3% | -$4.8M+89.5% | -$45.2M+18.6% | -$55.5M+17.8% | -$67.5M |
| Interest Expense | $8.1M-8.1% | $8.8M+13.1% | $7.8M+10.7% | $7.0M-5.5% | $7.4M-31.3% | $10.8M-5.7% | $11.5M+7.1% | $10.7M |
| Income Tax | $526K+324.2% | $124K+153.1% | $49K+69.0% | $29K-73.9% | $111K+146.7% | $45K+200.0% | $15K+7.1% | $14K |
| Net Income | $18.6M-41.4% | $31.8M+467.2% | $5.6M+329.1% | -$2.4M+11.2% | -$2.8M+59.2% | -$6.8M+87.6% | -$54.5M+15.7% | -$64.6M |
| EPS (Diluted) | $0.20-13.0% | $0.23+360.0% | $0.05+266.7% | $-0.03-200.0% | $-0.01+85.7% | $-0.07+88.7% | $-0.62+16.2% | $-0.74 |
UPST Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.0B+2.4% | $2.9B+17.2% | $2.5B+7.9% | $2.3B-3.0% | $2.4B+30.8% | $1.8B-0.6% | $1.8B-5.6% | $1.9B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $652.4M+33.2% | $489.8M+23.7% | $395.9M-34.0% | $599.8M-23.9% | $788.4M+20.2% | $655.8M+17.0% | $560.6M+27.7% | $439.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $67.1M0.0% | $67.1M0.0% | $67.1M0.0% | $67.1M0.0% | $67.1M-0.1% | $67.1M0.0% | $67.1M0.0% | $67.1M |
| Total Liabilities | $2.2B+0.7% | $2.2B+23.1% | $1.8B+8.4% | $1.6B-6.6% | $1.7B+42.9% | $1.2B-1.0% | $1.2B-6.8% | $1.3B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $798.8M+7.4% | $743.7M+3.0% | $722.0M+6.7% | $676.6M+6.9% | $633.2M+6.3% | $595.5M+0.1% | $594.7M-3.0% | $612.8M |
| Retained Earnings | -$357.6M+5.0% | -$376.2M+7.8% | -$408.0M+1.4% | -$413.6M-0.6% | -$411.2M-0.7% | -$408.4M-1.7% | -$401.6M-15.7% | -$347.2M |
UPST Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $108.6M+188.5% | -$122.6M-2.1% | -$120.2M-791.0% | -$13.5M+87.8% | -$110.9M-161.9% | $179.3M+143.7% | $73.6M+66.0% | $44.3M |
| Capital Expenditures | $157K+109.3% | $75K-34.8% | $115K | $0 | $0-100.0% | $116K+213.5% | $37K-94.6% | $684K |
| Free Cash Flow | $108.4M+188.3% | -$122.7M-2.0% | -$120.3M-791.9% | -$13.5M+87.8% | -$110.9M-161.9% | $179.2M+143.7% | $73.5M+68.5% | $43.7M |
| Investing Cash Flow | $131.7M+209.3% | -$120.5M-9.7% | -$109.8M-39.8% | -$78.6M-0.8% | -$77.9M-68.7% | -$46.2M+39.3% | -$76.1M-102.7% | -$37.5M |
| Financing Cash Flow | -$20.2M-105.3% | $378.6M+311.8% | $91.9M+305.7% | -$44.7M-108.8% | $509.3M+1439.6% | -$38.0M-130.7% | $124.0M+450.0% | -$35.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
UPST Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 6.4%-2.2pp | 8.5%+6.8pp | 1.8%+3.9pp | -2.1%+0.1pp | -2.2%+25.7pp | -27.9%+15.6pp | -43.5%+9.3pp | -52.8% |
| Net Margin | 6.3%-5.2pp | 11.5%+9.3pp | 2.2%+3.3pp | -1.1%+0.1pp | -1.3%+2.9pp | -4.2%+38.5pp | -42.7%+7.9pp | -50.5% |
| Return on Equity | 2.3%-1.9pp | 4.3%+3.5pp | 0.8% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 0.6%-0.5pp | 1.1%+0.9pp | 0.2%+0.3pp | -0.1%0.0pp | -0.1%+0.3pp | -0.4%+2.6pp | -3.0%+0.4pp | -3.4% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 2.72-0.2 | 2.91+0.5 | 2.43+0.0 | 2.39-0.3 | 2.74+0.7 | 2.04-0.0 | 2.06-0.1 | 2.15 |
| FCF Margin | 36.6%+80.9pp | -44.3%+2.5pp | -46.8%-40.4pp | -6.3%+44.3pp | -50.7%-161.2pp | 110.5%+52.9pp | 57.6%+23.5pp | 34.2% |
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Frequently Asked Questions
What is Upstart Holdings, Inc.'s annual revenue?
Upstart Holdings, Inc. (UPST) reported $514K in total revenue for fiscal year 2025. This represents a -99.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Upstart Holdings, Inc.'s revenue growing?
Upstart Holdings, Inc. (UPST) revenue declined by 99.9% year-over-year, from $636.5M to $514K in fiscal year 2025.
Is Upstart Holdings, Inc. profitable?
Yes, Upstart Holdings, Inc. (UPST) reported a net income of $240K in fiscal year 2025, with a net profit margin of 46.8%.
What is Upstart Holdings, Inc.'s earnings per share (EPS)?
Upstart Holdings, Inc. (UPST) reported diluted earnings per share of $2.87 for fiscal year 2025. This represents a 299.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Upstart Holdings, Inc.'s EBITDA?
Upstart Holdings, Inc. (UPST) had EBITDA of $281K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Upstart Holdings, Inc. have?
As of fiscal year 2025, Upstart Holdings, Inc. (UPST) had $788K in cash and equivalents against $297K in long-term debt.
What is Upstart Holdings, Inc.'s operating margin?
Upstart Holdings, Inc. (UPST) had an operating margin of 50.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Upstart Holdings, Inc.'s net profit margin?
Upstart Holdings, Inc. (UPST) had a net profit margin of 46.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Upstart Holdings, Inc.'s return on equity (ROE)?
Upstart Holdings, Inc. (UPST) has a return on equity of 37.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Upstart Holdings, Inc.'s free cash flow?
Upstart Holdings, Inc. (UPST) generated $110K in free cash flow during fiscal year 2025. This represents a -99.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Upstart Holdings, Inc.'s operating cash flow?
Upstart Holdings, Inc. (UPST) generated $112K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Upstart Holdings, Inc.'s total assets?
Upstart Holdings, Inc. (UPST) had $2.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Upstart Holdings, Inc.'s capital expenditures?
Upstart Holdings, Inc. (UPST) invested $2K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Upstart Holdings, Inc. spend on research and development?
Upstart Holdings, Inc. (UPST) invested $280K in research and development during fiscal year 2025.
How many shares does Upstart Holdings, Inc. have outstanding?
Upstart Holdings, Inc. (UPST) had 98M shares outstanding as of fiscal year 2025.
What is Upstart Holdings, Inc.'s debt-to-equity ratio?
Upstart Holdings, Inc. (UPST) had a debt-to-equity ratio of 0.47 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Upstart Holdings, Inc.'s return on assets (ROA)?
Upstart Holdings, Inc. (UPST) had a return on assets of 10.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Upstart Holdings, Inc.'s Piotroski F-Score?
Upstart Holdings, Inc. (UPST) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Upstart Holdings, Inc.'s earnings high quality?
Upstart Holdings, Inc. (UPST) has an earnings quality ratio of 0.47x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Upstart Holdings, Inc. cover its interest payments?
Upstart Holdings, Inc. (UPST) has an interest coverage ratio of 57005.6x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Upstart Holdings, Inc.?
Upstart Holdings, Inc. (UPST) scores 79 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.